Springfield VA Loan Rates, Closing Costs & Stats

SPRINGFIELD, OH

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    • A VA loan is a mortgage loan that’s backed by the Department of Veterans Affairs (VA) for those who have served or are presently serving in the U.S. military. The VA does not directly lend, it guarantees the loans made by private lenders to veterans, active military personnel, and qualifying military spouses.

    The most obvious benefit of VA loans is that no downpayment is necessary to purchase a home. They will also typically have significantly lower fees-- meaning that if you're eligible to receive a VA loan, it will likely be the most favorable option. VA loans come in 3 varities: purchase, refinance and cash out refis.

    For additional benefits of VA loans, click here.

    Springfield's 56 lenders originated 190 VA loans during 2023. The total origination value was $44,000,000, with an average VA loan value of $231,579.

    Springfield VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Springfield averaged 0.22% for the week of 2024-11-15, compared to the national average (all VA variants) of 0% for the same period.

    Springfield's average VA mortgage closing costs are $5,212.

    The average rate for the prior week (2024-11-08) was 6.63% and one month ago for the week of 2024-10-11, the average rate was 6.1%.

    The average rate one year ago was 7.49%.

    For refis of the same type during the week of 2024-11-15, the average rate was 0.97%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Springfield VA Loan Lenders by Rates & Fees

    The below table looks at the average fees/closing costs and rates for VA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Springfield level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 41 6.84% $5,441
    NAVY FEDERAL CREDIT UNION 10 5.84% $5,355
    CROSSCOUNTRY MORTGAGE, LLC 9 7.12% $7,391
    QUICKEN LOANS, LLC 8 6.31% $8,252
    LOANDEPOT.COM, LLC 6 6.58% $6,919
    Mr. Cooper ( Nationstar Mortgage ) 6 5.96% $10,383
    WRIGHT-PATT CREDIT UNION, INC. 5 6.23% $1,877
    NEW DAY FINANCIAL, LLC 5 7.52% $10,278
    UNITED WHOLESALE MORTGAGE, LLC 5 5.97% $14,935
    THRIVE MORTGAGE, LLC 5 7.08% $7,759
    FREEDOM MORTGAGE CORPORATION 4 6.97% $10,368
    NVR Mortgage Finance, Inc. 4 5.31% $6,247
    Flagstar Bank, FSB 4 6.91% $4,667
    USAA Federal Savings Bank 4 6.38% $4,640
    FIRST COMMUNITY MORTGAGE, INC. 3 7.21% $7,466
    NFM, INC. 3 7.33% $6,389
    PRIMELENDING, A PLAINSCAPITAL COMPANY 3 6.75% $4,336
    Union Savings Bank 3 6.33% $5,756
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 7.31% $5,227
    Fifth Third Bank 2 6.88% $8,415
    VILLAGE CAPITAL MORTGAGE 2 6.13% $9,253
    WesBanco 2 6.31% $2,736
    PENNYMAC LOAN SERVICES, LLC 2 6.38% $5,240
    GUARANTEED RATE, INC. 2 7.14% $3,183
    NEWREZ LLC 2 7.00% $7,401
    MORTGAGE SOLUTIONS OF COLORADO, LLC 2 7.50% $9,192
    The Federal Savings Bank 2 6.69% $20,000
    The Huntington National Bank 2 7.13% $12,111
    RAPID MORTGAGE COMPANY 2 6.50% $6,904
    UNION HOME MORTGAGE CORP. 1 7.25% $8,510
    Ameris Bank 1 5.75% $8,136
    BROKER SOLUTIONS, INC. 1 7.13% $7,946
    CARDINAL FINANCIAL 1 7.25% $11,986
    CMG MORTGAGE, INC. 1 5.63% $16,377
    DAS Acquisition Company, LLC 1 7.13% $7,685
    EQUITY RESOURCES, INC. 1 6.50% $3,790
    First Commonwealth Bank 1 5.50% $11,005
    Gateway First Bank 1 7.25% $8,610
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 6.50% $11,187
    JPMorgan Chase Bank 1 6.25% $2,086
    Magnolia Bank 1 5.99% $14,231
    MID AMERICA MORTGAGE, INC. 1 5.63% $2,472
    MOVEMENT MORTGAGE, LLC 1 7.75% $18,355
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.75% $7,187
    NATIONS RELIABLE LENDING, LLC 1 7.25% $5,995
    NORTHERN MORTGAGE SERVICES, LLC 1 6.50% $3,823
    PENTAGON FEDERAL CREDIT UNION 1 5.63% $6,349
    Plains Commerce Bank 1 7.25% $5,900
    POLARIS HOME FUNDING CORP. 1 7.00% $9,889
    RELIANCE FIRST CAPITAL, LLC 1 5.75% $11,990
    RUOFF MORTGAGE COMPANY, INC. 1 7.00% $16,776
    Servion, Inc. 1 6.50% $16,250
    T2 FINANCIAL LLC 1 6.25% $8,246
    TOP FLITE FINANCIAL, INC. 1 6.75% $6,730
    AMERISAVE MORTGAGE CORPORATION 1 5.63% $13,864
    VANDERBILT MORTGAGE AND FINANCE, INC. 1 6.25% $775

    The top Springfield VA lender as defined by loan originations is Mortgage Research Center, LLC, with 41 VA loans originated. Their average total fees are $5,441, which is $86 higher than the next largest lender, NAVY FEDERAL CREDIT UNION.

    The lowest fee Springfield VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION ($5,355), Mortgage Research Center, LLC ($5,441), .

    The lowest rate Springfield VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION (5.84%), Mortgage Research Center, LLC (6.84%), .

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Springfield (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
    2018-01-01 $97,100 (10.1%) $133,299 (2.4%) 0.39 403
    2018-02-01 $97,675 (13.3%) $136,861 (3.6%) 0.37 362
    2018-03-01 $93,400 (9.5%) $132,347 (-3.6%) 0.34 354
    2018-04-01 $97,850 (15.3%) $134,574 (-0.7%) 0.34 343
    2018-05-01 $99,375 (11.2%) $143,987 (5.6%) 0.36 368
    2018-06-01 $109,900 (22.3%) $150,439 (8.8%) 0.37 387
    2018-07-01 $107,225 (16.2%) $149,644 (3.6%) 0.37 387
    2018-08-01 $107,169 (16.9%) $153,037 (6.4%) 0.37 400
    2018-09-01 $106,000 (10.4%) $151,365 (4.0%) 0.37 403
    2018-10-01 $99,475 (4.9%) $147,151 (2.9%) 0.33 421
    2018-11-01 $99,900 (3.4%) $143,833 (0.9%) 0.34 414
    2018-12-01 $99,900 (0.0%) $142,953 (3.9%) 0.36 376
    2019-01-01 $100,550 (3.6%) $137,727 (3.3%) 0.38 297
    2019-02-01 $98,350 (0.7%) $138,017 (0.8%) 0.37 268
    2019-03-01 $104,636 (12.0%) $142,817 (7.9%) 0.38 255
    2019-04-01 $111,475 (13.9%) $148,278 (10.2%) 0.38 243
    2019-05-01 $112,400 (13.1%) $146,715 (1.9%) 0.39 259
    2019-06-01 $119,900 (9.1%) $156,393 (4.0%) 0.40 249
    2019-07-01 $123,325 (15.0%) $155,258 (3.8%) 0.41 283
    2019-08-01 $118,295 (10.4%) $150,034 (-2.0%) 0.41 305
    2019-09-01 $115,739 (9.2%) $149,172 (-1.5%) 0.41 305
    2019-10-01 $114,409 (15.0%) $146,979 (-0.1%) 0.41 310
    2019-11-01 $109,900 (10.0%) $142,188 (-1.1%) 0.37 321
    2019-12-01 $109,900 (10.0%) $142,282 (-0.5%) 0.38 304
    2020-01-01 $104,725 (4.2%) $146,436 (6.3%) 0.36 269
    2020-02-01 $98,875 (0.5%) $143,230 (3.8%) 0.32 224
    2020-03-01 $105,713 (1.0%) $150,260 (5.2%) 0.34 208
    2020-04-01 $102,450 (-8.1%) $147,647 (-0.4%) 0.31 190
    2020-05-01 $115,000 (2.3%) $157,856 (7.6%) 0.33 150
    2020-06-01 $127,975 (6.7%) $174,028 (11.3%) 0.39 129
    2020-07-01 $159,663 (29.5%) $186,776 (20.3%) 0.46 132
    2020-08-01 $158,200 (33.7%) $185,648 (23.7%) 0.46 130
    2020-09-01 $134,100 (15.9%) $175,452 (17.6%) 0.37 118
    2020-10-01 $139,900 (22.3%) $179,458 (22.1%) 0.40 125
    2020-11-01 $136,175 (23.9%) $181,597 (27.7%) 0.40 123
    2020-12-01 $134,375 (22.3%) $180,276 (26.7%) 0.41 95
    2021-01-01 $131,750 (25.8%) $178,982 (22.2%) 0.40 83
    2021-02-01 $152,475 (54.2%) $177,587 (24.0%) 0.43 61
    2021-03-01 $136,425 (29.1%) $181,254 (20.6%) 0.36 63
    2021-04-01 $174,900 (70.7%) $200,081 (35.5%) 0.46 67
    2021-05-01 $183,700 (59.7%) $208,905 (32.3%) 0.50 73
    2021-06-01 $166,175 (29.9%) $186,173 (7.0%) 0.45 112
    2021-07-01 $150,000 (-6.1%) $184,412 (-1.3%) 0.43 162
    2021-08-01 $150,000 (-5.2%) $181,662 (-2.2%) 0.38 196
    2021-09-01 $142,613 (6.4%) $175,085 (-0.2%) 0.38 179
    2021-10-01 $139,950 (0.0%) $180,507 (0.6%) 0.37 178
    2021-11-01 $158,675 (16.5%) $188,727 (3.9%) 0.41 179
    2021-12-01 $140,575 (4.6%) $186,521 (3.5%) 0.38 168
    2022-01-01 $157,900 (19.9%) $196,051 (9.5%) 0.42 120
    2022-02-01 $165,875 (8.8%) $208,562 (17.4%) 0.42 93
    2022-03-01 $197,200 (44.6%) $245,187 (35.3%) 0.49 77
    2022-04-01 $179,950 (2.9%) $246,956 (23.4%) 0.45 77
    2022-05-01 $177,250 (-3.5%) $229,428 (9.8%) 0.40 96
    2022-06-01 $169,950 (2.3%) $226,163 (21.5%) 0.37 110
    2022-07-01 $187,900 (25.3%) $241,726 (31.1%) 0.42 143
    2022-08-01 $169,650 (13.1%) $214,506 (18.1%) 0.38 171
    2022-09-01 $166,950 (17.1%) $213,339 (21.9%) 0.00 181
    2022-10-01 $168,950 (20.7%) $216,417 (19.9%) 0.00 190
    2022-11-01 $166,825 (5.1%) $209,174 (10.8%) 0.00 190
    2022-12-01 $177,150 (26.0%) $220,687 (18.3%) 0.00 167
    2023-01-01 $166,075 (5.2%) $218,383 (11.4%) 0.00 136
    2023-02-01 $161,400 (-2.7%) $220,734 (5.8%) 0.00 110
    2023-03-01 $172,075 (-12.7%) $234,207 (-4.5%) 0.00 96
    2023-04-01 $157,250 (-12.6%) $208,525 (-15.6%) 0.00 87
    2023-05-01 $145,000 (-18.2%) $209,546 (-8.7%) 0.00 85
    2023-06-01 $191,150 (12.5%) $239,202 (5.8%) 0.00 89
    2023-07-01 $204,500 (8.8%) $229,074 (-5.2%) 0.00 104
    2023-08-01 $197,000 (16.1%) $216,637 (1.0%) 0.00 118
    2023-09-01 $199,900 (19.7%) $231,252 (8.4%) 0.00 144
    2023-10-01 $199,450 (18.1%) $237,717 (9.8%) 0.00 152
    2023-11-01 $195,700 (17.3%) $235,699 (12.7%) 0.00 180
    2023-12-01 $199,900 (12.8%) $247,662 (12.2%) 0.00 164
    2024-01-01 $199,450 (20.1%) $243,480 (11.5%) 0.00 135
    2024-02-01 $182,400 (13.0%) $234,807 (6.4%) 0.00 115
    2024-03-01 $187,900 (9.2%) $253,000 (8.0%) 0.00 95
    2024-04-01 $191,650 (21.9%) $260,214 (24.8%) 0.00 110
    2024-05-01 $214,800 (48.1%) $272,542 (30.1%) 0.00 120
    2024-06-01 $219,900 (15.0%) $284,180 (18.8%) 0.00 132
    2024-07-01 $215,575 (5.4%) $275,064 (20.1%) 0.00 154
    2024-08-01 $226,000 (14.7%) $284,836 (31.5%) 0.00 198
    2024-09-01 $225,225 (12.7%) $280,604 (21.3%) 0.00 239
    2024-10-01 $219,950 (10.3%) $271,358 (14.2%) 0.00 271
    Springfield's median listing price for 2024-10-01 was $219,950, a difference of $20,500 (10.3%) versus the prior year and $-5,275 versus the prior month.

    Springfield's median listing price comes in at 0% of the national average.

    Springfield's average listing price for 2024-10-01 was $271,358, a difference of $33,641 (14.2%) versus the prior year and $-9,246 versus the prior month.

    For the 2024-10-01 period, Springfield had 271 MLS listings, a difference of 32 listings (13%) versus the prior month and 119 listings (78%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Springfield (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 89 days 1,457 sqft
    2018-02-01 95 days 1,456 sqft
    2018-03-01 80 days 1,452 sqft
    2018-04-01 56 days 1,464 sqft
    2018-05-01 53 days 1,490 sqft
    2018-06-01 52 days 1,512 sqft
    2018-07-01 59 days 1,503 sqft
    2018-08-01 60 days 1,524 sqft
    2018-09-01 54 days 1,501 sqft
    2018-10-01 61 days 1,444 sqft
    2018-11-01 66 days 1,419 sqft
    2018-12-01 81 days 1,440 sqft
    2019-01-01 88 days 1,406 sqft
    2019-02-01 85 days 1,411 sqft
    2019-03-01 69 days 1,450 sqft
    2019-04-01 49 days 1,491 sqft
    2019-05-01 44 days 1,465 sqft
    2019-06-01 39 days 1,520 sqft
    2019-07-01 41 days 1,510 sqft
    2019-08-01 41 days 1,510 sqft
    2019-09-01 45 days 1,496 sqft
    2019-10-01 45 days 1,484 sqft
    2019-11-01 50 days 1,435 sqft
    2019-12-01 60 days 1,429 sqft
    2020-01-01 70 days 1,421 sqft
    2020-02-01 72 days 1,386 sqft
    2020-03-01 56 days 1,450 sqft
    2020-04-01 51 days 1,530 sqft
    2020-05-01 62 days 1,567 sqft
    2020-06-01 52 days 1,604 sqft
    2020-07-01 34 days 1,650 sqft
    2020-08-01 34 days 1,580 sqft
    2020-09-01 31 days 1,444 sqft
    2020-10-01 25 days 1,476 sqft
    2020-11-01 39 days 1,478 sqft
    2020-12-01 51 days 1,445 sqft
    2021-01-01 55 days 1,423 sqft
    2021-02-01 40 days 1,403 sqft
    2021-03-01 35 days 1,402 sqft
    2021-04-01 30 days 1,528 sqft
    2021-05-01 31 days 1,616 sqft
    2021-06-01 29 days 1,508 sqft
    2021-07-01 27 days 1,512 sqft
    2021-08-01 32 days 1,474 sqft
    2021-09-01 40 days 1,449 sqft
    2021-10-01 42 days 1,472 sqft
    2021-11-01 35 days 1,460 sqft
    2021-12-01 48 days 1,419 sqft
    2022-01-01 74 days 1,449 sqft
    2022-02-01 84 days 1,469 sqft
    2022-03-01 64 days 1,519 sqft
    2022-04-01 43 days 1,404 sqft
    2022-05-01 31 days 1,344 sqft
    2022-06-01 30 days 1,395 sqft
    2022-07-01 23 days 1,420 sqft
    2022-08-01 30 days 1,468 sqft
    2022-09-01 0 days 1,452 sqft
    2022-10-01 0 days 1,403 sqft
    2022-11-01 0 days 1,425 sqft
    2022-12-01 0 days 1,456 sqft
    2023-01-01 0 days 1,418 sqft
    2023-02-01 0 days 1,480 sqft
    2023-03-01 0 days 1,467 sqft
    2023-04-01 0 days 1,477 sqft
    2023-05-01 0 days 1,454 sqft
    2023-06-01 0 days 1,501 sqft
    2023-07-01 0 days 1,624 sqft
    2023-08-01 0 days 1,437 sqft
    2023-09-01 0 days 1,450 sqft
    2023-10-01 0 days 1,456 sqft
    2023-11-01 0 days 1,397 sqft
    2023-12-01 0 days 1,386 sqft
    2024-01-01 0 days 1,370 sqft
    2024-02-01 0 days 1,374 sqft
    2024-03-01 0 days 1,364 sqft
    2024-04-01 0 days 1,367 sqft
    2024-05-01 0 days 1,494 sqft
    2024-06-01 0 days 1,497 sqft
    2024-07-01 0 days 1,524 sqft
    2024-08-01 0 days 1,567 sqft
    2024-09-01 0 days 1,513 sqft
    2024-10-01 0 days 1,497 sqft
    Springfield's median listing age (time on market) for 2024-10-01 was 0 days.

    Springfield's median square footage for active listings during the 2024-10-01 period was 1,497 sqft. One year prior, the average listing was 1,456 sqft.

    VA Loan Features

  • No down payment required
  • Negotiable and competitive interest rate.
  • Ability to finance the VA funding fee (plus reduced funding fees with a down payment of at least 5 percent and exemption for veterans receiving VA compensation).
  • VA rules limit the amount you can be charged for closing costs.
  • Closing costs are comparable with other financing types (and may be lower).
  • Closing costs may be paid by the seller.
  • No private mortgage insurance premiums are required.
  • An assumable mortgage.
  • Right to prepay your mortgage without penalty.
  • For homes inspected by VA during construction, a warranty from builder and assistance from VA to obtain cooperation of builder.
  • VA assistance to veteran borrowers in default due to temporary financial difficulty.